A real estate professional suspects that a client is using the transaction to launder money but cannot definitively prove it. The transaction involves a legitimate $500,000 property purchase with proper documentation. What should the professional do?
Correct Answer
B) File a Suspicious Transaction Report with FINTRAC regardless of the amount
FINTRAC regulations require real estate professionals to file a Suspicious Transaction Report whenever they have reasonable grounds to suspect money laundering, regardless of the transaction amount or documentation quality. The threshold for suspicion, not proof, triggers this reporting requirement.
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Previous Question
A real estate professional notices that a client is using multiple bank drafts from different financial institutions for a single transaction and appears nervous when asked about the source of funds. What should the professional do?
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A real estate professional suspects that a client's funds may be proceeds of crime but the transaction appears otherwise legitimate. Under FINTRAC obligations, what records must be maintained regarding this suspicious transaction report?